Paper Contents
Abstract
In the growing digital era, the usage of digital payments platforms and mobile wallets has rapidly increased. As the increase in the digital payment, there is need to increase in the privacy and data protection of the users. This study investigates the role of Reg-Tech (Regulatory Technology) in the digital payment. The aim of this study is to identify the awareness, effective use and challenges faced by the users in the application. In this research, the data was collected through the google form questionnaire and the chi-square test is used in this paper. The result shows the knowledge and difficulties of the privacy features.KEYWORDSPrivacy Protection, Data Security, User Awareness, Digital Transaction Safety and Regulatory Compliance.INTRODUCTIONIn this rapidly growing digital age, digital payments have become a part of life. Whether payment of bills and buys or bill payments, human beings rely heavily on digital modes like Google Pay, Phone-Pe, and Paytm. The geographical area taken for this study is Chennai City. There are the benefits of speed and convenience, but in the bargain are serious concerns about privacy and data security. Individuals share sensitive financial and private information, and most of them do not even know how secure their information really is in such transactions. This is where Reg-Tech or Regulatory Technology steps in. Most of them doesnt aware of Reg-Tech, it is a subset of Fin-Tech. Financial Technology is used for the customer innovation but Reg-Tech is used for the regular check of compliance and whether the technology is under the regulation or not and make the necessary action regarding the compliance and enhance the features according to the modern development. Reg-Tech uses advanced technologies including blockchain, artificial intelligence, and data analytics to allow financial platforms to meet regulatory requirements and protect user information in a better manner. The Regulatory Technology provides services like data encryption, biometric verification, real-time fraud detection, consent management systems and AI-powered compliance tools. This technology measures the user perception of data safety, data breaches, trust level of users. But most don't even know how these technologies work or if they actually keep their data safe. This study would like to know regarding the use of Reg-Tech for protection of electronic payment privacy, i.e., in Chennai. The result shows how the users trust the technology and aware of it.
Copyright
Copyright © 2025 Vinisha S. This is an open access article distributed under the Creative Commons Attribution License.
